Federal Register / Vol. 89, No. 246 / Monday, December 23, 2024 / Notices 104579 

8 15 U.S.C. 78q–1(b)(3)(F). 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f). 

11 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

transactions.8 DTC believes that the 

proposed rule change is consistent with 

the Section 17A(b)(3)(F) of the Act, as 

cited above. 

As described above, the proposed rule 

change will update the ClaimConnect 

Guide to (i) add the Claim Upload 

function and (ii) make clarifying, 

technical, and ministerial changes. 

Collectively, the proposed changes are 

intended to streamline and enhance 

claim processing related to trading 

exceptions from Corporate Action 

events associated with securities 

maintained by DTC by enabling easier 

submission and affirmation of multiple 

claims and ensuring the ClaimConnect 

Guide is clear, accurate, and current. By 

improving the claim management 

process for securities held at DTC for its 

Participants, DTC believes that the 

proposed rule change would help 

promote the prompt and accurate 

clearance and settlement of securities 

transactions, consistent with the 

requirements of the Act, in particular 

Section 17A(b)(3)(F) of the Act, cited 

above. 

(B) Clearing Agency’s Statement on 

Burden on Competition 

DTC does not believe that the 

proposed rule change will have any 

impact or impose any burden on 

competition because, as described 

above, the proposed rule change simply 

updates the ClaimConnect Guide to add 

the Claim Upload function and make 

clarifying, technical, and ministerial 

changes to better describe the service 

and ensure the Guide is current, none of 

which should have any competitive 

impact on Participants or their use of 

DTC services. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants, or Others 

DTC has not received or solicited any 

written comments relating to this 

proposal. If any written comments are 

received, DTC will amend this filing to 

publicly file such comments as an 

Exhibit 2 to this filing, as required by 

Form 19b–4 and the General 

Instructions thereto. 

Persons submitting written comments 

are cautioned that, according to Section 

IV (Solicitation of Comments) of the 

Exhibit 1A in the General Instructions to 

Form 19b–4, the Commission does not 

edit personal identifying information 

from comment submissions. 

Commenters should submit only 

information that they wish to make 

available publicly, including their 

name, email address, and any other 

identifying information. 

All prospective commenters should 

follow the Commission’s instructions on 

How to Submit Comments, available at 

www.sec.gov/regulatory-actions/how-tosubmit-comments. General questions 

regarding the rule filing process or 

logistical questions regarding this filing 

should be directed to the Main Office of 

the Commission’s Division of Trading 

and Markets at tradingandmarkets@

sec.gov or 202–551–5777. 

DTC reserves the right to not respond 

to any comments received. 

III. Date of Effectiveness of the 

Proposed Rule Change, and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A) 9 of the Act and paragraph 

(f) 10 of Rule 19b–4 thereunder. At any 

time within 60 days of the filing of the 

proposed rule change, the Commission 

summarily may temporarily suspend 

such rule change if it appears to the 

Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

DTC–2024–012 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to file 

number SR–DTC–2024–012. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549 on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of DTC 

and on DTCC’s website (dtcc.com/legal/ 

sec-rule-filings). Do not include 

personal identifiable information in 

submissions; you should submit only 

information that you wish to make 

available publicly. We may redact in 

part or withhold entirely from 

publication submitted material that is 

obscene or subject to copyright 

protection. All submissions should refer 

to file number SR–DTC–2024–012 and 

should be submitted on or before 

January 13, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–30529 Filed 12–20–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101946; File No. SR–DTC– 

2024–014] 

Self-Regulatory Organizations; The 

Depository Trust Company; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Modify the 

Clearing Agency Operational Risk 

Management Framework 

December 17, 2024. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

11, 2024, The Depository Trust 

Company (‘‘DTC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II and III 

below, which Items have been prepared 

by the clearing agency. DTC filed the 

proposed rule change pursuant to 


khammond on DSK9W7S144PROD with NOTICES
104580 Federal Register / Vol. 89, No. 246 / Monday, December 23, 2024 / Notices 

3 15 U.S.C. 78s(b)(3)(A). 

4 17 CFR 240.19b–4(f)(4). 

5See Securities Exchange Act Release No. 81745 

(Sept. 28, 2017), 82 FR 46332 (Oct. 4, 2017) (SR– 

DTC–2017–014; SR–NSCC–2017–013; SR–FICC– 

2017–017) (‘‘Initial Filing’’). 

6 17 CFR 240.17ad–22(e)(17). 

7The Depository Trust & Clearing Corporation 

(‘‘DTCC’’) is the parent company of the Clearing 

Agencies. 

8 17 CFR 240.17ad–22(e)(17). 

9 15 U.S.C. 78q–1(b)(3)(F). 

10 Id. 

11 Id. 

12 Id. 

Section 19(b)(3)(A) of the Act 3 and Rule 

19b–4(f)(4) thereunder.4 The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The proposed rule change consists of 

amendments to the Clearing Agency 

Operational Risk Management 

Framework (‘‘ORM Framework’’ or 

‘‘Framework’’) of DTC and its affiliates 

National Securities Clearing Corporation 

(‘‘NSCC’’) and Fixed Income Clearing 

Corporation (‘‘FICC,’’ and together with 

NSCC and DTC, the ‘‘Clearing 

Agencies’’) in order to reflect recent 

changes to group names and make other 

nonmaterial clarifying edits. 

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, the 

clearing agency included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

clearing agency has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of such statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

1. Purpose 

The Clearing Agencies adopted the 

ORM Framework 5 to provide an outline 

for how each of the Clearing Agencies 

manages its operational risks. In this 

way, the Framework supports the 

Clearing Agencies’ compliance with 

Rule 17ad–22(e)(17) under the Act,6 as 

described in the Initial Filing. In 

addition to setting forth the way each of 

the Clearing Agencies addresses these 

requirements, the ORM Framework also 

contains a section titled ‘‘Framework 

Ownership and Change Management’’ 

that, among other matters, describes the 

Framework ownership and the required 

governance process for review and 

approval of changes to the Framework. 

In connection with the annual review 

and approval of the Framework by the 

Board of Directors of each of the 

Clearing Agencies, the Clearing 

Agencies are proposing to make certain 

revisions to the Framework. Such 

proposed changes would include 

updating the ORM Framework to reflect 

recent changes to group names and 

making other nonmaterial clarifying 

edits. The proposed changes are 

described in greater detail below. 

i. Proposed Amendments To Update 

Organizational Name Changes 

The Framework is owned and 

managed by an officer within the 

Operational Risk group within the 

Group Chief Risk Office of DTCC,7 who 

works with the Technology Risk 

Management group within the Group 

Chief Risk Office in administration of 

the Framework. The Technology Risk 

Management group’s name has changed 

to the Cyber Security & Technology Risk 

Management group. The proposed 

changes to the Framework would reflect 

the recent organizational name change. 

ii. Proposed Changes To Make 

Nonmaterial Clarifying Edits 

The proposed rule change would 

make additional immaterial edits to the 

Framework that include (a) the removal 

of a defined term not used in the 

Framework and therefore unnecessary, 

and (b) adding additional context in 

Section 6 related to data centers. The 

proposed changes to Section 6 add 

context around data centers, specifically 

the out-of-region centers, to allow for 

greater understanding of configurations, 

parameters, and limitations. This 

proposed change also provides 

consistency across the Clearing 

Agencies disclosures. These immaterial 

changes do not alter how the Clearing 

Agencies comply with the applicable 

requirements of Rule 17ad–22(e)(17) 

under the Act.8

2. Statutory Basis 

The Clearing Agencies believe that the 

proposed changes are consistent with 

Section 17A(b)(3)(F) of the Act 9 for the 

reasons described below. 

Section 17A(b)(3)(F) of the Act 

requires, in part, that the rules of a 

registered clearing agency be designed 

to promote the prompt and accurate 

clearance and settlement of securities 

transactions, and to assure the 

safeguarding of securities and funds 

which are in the custody or control of 

the clearing agency or for which it is 

responsible.10 The proposed changes to 

update the ORM Framework to reflect 

recent changes to group names and 

making other nonmaterial clarifying 

edits would update and clarify the 

Framework and would make it more 

comprehensive in how it describes the 

methods and tools currently used by the 

Clearing Agencies to manage 

operational risks and therefore comply 

with Section 17A(b)(3)(F) of the Act.11

By creating clearer, updated and more 

comprehensive descriptions, the 

Clearing Agencies believe the proposed 

changes would make the ORM 

Framework more effective in providing 

an overview of the important risk 

management activities described 

therein. Therefore, the Clearing 

Agencies believe that the proposed 

changes are consistent with the 

requirements of Section 17A(b)(3)(F) of 

the Act.12

(B) Clearing Agency’s Statement on 

Burden on Competition 

The Clearing Agencies do not believe 

that the proposed changes to the ORM 

Framework described above would have 

any impact, or impose any burden, on 

competition. The proposed changes 

would enhance the Framework by 

providing additional clarity and 

accuracy concerning the Clearing 

Agencies’ operational risk management 

processes. The proposed changes to the 

Framework would not advantage or 

disadvantage any participant or user of 

the Clearing Agencies’ services or 

unfairly inhibit access to the Clearing 

Agencies’ services. As such, the 

Clearing Agencies do not believe that 

the proposed rule changes would have 

any impact on competition. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants, or Others 

The Clearing Agencies have not 

received or solicited any written 

comments relating to this proposal. If 

any written comments are received, they 

will be publicly filed as an Exhibit 2 to 

this filing, as required by Form 19b–4 

and the General Instructions thereto. 

Persons submitting comments are 

cautioned that, according to Section IV 

(Solicitation of Comments) of the 

Exhibit 1A in the General Instructions to 

Form 19b–4, the Commission does not 

edit personal identifying information 

from comment submissions. 

Commenters should submit only 

information that they wish to make 


khammond on DSK9W7S144PROD with NOTICES
Federal Register / Vol. 89, No. 246 / Monday, December 23, 2024 / Notices 104581 

13 15 U.S.C. 78s(b)(3)(A). 

14 17 CFR 240.19b–4(f). 15 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 101470 

(Oct. 29, 2024), 89 FR 87681. 

4 15 U.S.C. 78s(b)(2). 

5 15 U.S.C. 78s(b)(2). 

6 17 CFR 200.30–3(a)(31). 

available publicly, including their 

name, email address, and any other 

identifying information. 

All prospective commenters should 

follow the Commission’s instructions on 

how to submit comments, available at 

https://www.sec.gov/regulatory-actions/ 

how-to-submitcomments. General 

questions regarding the rule filing 

process or logistical questions regarding 

this filing should be directed to the 

Main Office of the Commission’s 

Division of Trading and Markets at 

tradingandmarkets@sec.gov or 202– 

551–5777. 

The Clearing Agencies reserve the 

right to not respond to any comments 

received. 

III. Date of Effectiveness of the 

Proposed Rule Change, and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A) 13 of the Act and paragraph 

(f) 14 of Rule 19b–4 thereunder. At any 

time within 60 days of the filing of the 

proposed rule change, the Commission 

summarily may temporarily suspend 

such rule change if it appears to the 

Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

DTC–2024–014 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–DTC–2024–014. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549 on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of DTC and on DTCC’s website 

(dtcc.com/legal/sec-rule-filings). Do not 

include personal identifiable 

information in submissions; you should 

submit only information that you wish 

to make available publicly. We may 

redact in part or withhold entirely from 

publication submitted material that is 

obscene or subject to copyright 

protection. All submissions should refer 

to File Number SR–DTC–2024–014 and 

should be submitted on or before 

January 13, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–30528 Filed 12–20–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101939; File No. SR– 

NYSEARCA–2024–87] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Designation of a 

Longer Period for Commission Action 

on a Proposed Rule Change To Adopt 

New NYSE Arca Rule 8.800–E To 

Provide for the Listing and Trading of 

Commodity- and/or Digital AssetBased Investment Interests and To List 

and Trade Shares of the Grayscale 

Digital Large Cap Fund LLC 

December 17, 2024. 

On October 15, 2024, NYSE Arca, Inc. 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

to Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to adopt new NYSE Arca Rule 

8.800–E to provide for the listing and 

trading of Commodity- and Digital 

Asset-Based Investment Interests and to 

list and trade shares of the Grayscale 

Digital Large Cap Fund LLC under 

proposed NYSE Arca Rule 8.800–E. The 

proposed rule change was published for 

comment in the Federal Register on 

November 4, 2024.3 The Commission 

has received no comment letters on the 

proposed rule change. 

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is December 19, 

2024. The Commission is extending this 

45-day time period. 

The Commission finds it appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change 

and the issues raised therein. 

Accordingly, the Commission, pursuant 

to Section 19(b)(2) of the Act,5

designates February 2, 2025, as the date 

by which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–NYSEARCA–2024–87). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–30523 Filed 12–20–24; 8:45 am] 

BILLING CODE 8011–01–P 


khammond on DSK9W7S144PROD with NOTICES